The latest research from Melbourne Cityscope shows that commercial property sales have increased significantly in the past three months. Sales recorded in the quarter ending September 2017 totalled $1.268 billion, a huge increase from the $665.6 million in sales recorded in the three months to June 2017 and the $397.4 million recorded in the three months to March 2017.
This data brings the 12-month total to $3.501 billion from 273 sales, an increase compared with the previous 12-month total of $3.013 billion from 282 sales.
The table below shows sales recorded for the past eight updates of Melbourne Cityscope.
The most notable sales recorded for the September 2017 update of Melbourne Cityscope include:
- A 50% interest in The Olderfleet redevelopment at 477 Collins Street, Melbourne, which includes the construction of a 40-storey, 55,000 sqm office tower incorporating the facade of existing Olderfleet buildings, including refurbishment and modernisation of the heritage listed buildings to Collins Street to create office and retail space, which sold for $414.17 million;
- A 50% interest in the commercial and retail component in the proposed development Collins Arch at 433-455 Collins Street, Melbourne, which sold for approximately $300 million. The mixed-use development will be a twin-tower with a 5-star hotel , 49,000 sqm of office space and 202 apartments; and
- 120 Spencer Street, Melbourne, the former Melbourne Water headquarters, a 23-sotrey office building completed in 1973 with an approximately 300-space, two-level basement car park, providing 33,000 sqm, which sold for more than $250 million.
Properties for sale in the area covered by Melbourne Cityscope in September 2017 include:
- Adina Apartment Hotel at 84-94 Finders Street, Melbourne, a 16-storey residential and retail building with 88 car parking spaces completed in late 2001, which is for sale by international expressions of interest closing 27 October 2017 through CBRE Melbourne and CBRE Hotels;
- 2-12 Russell Street, Melbourne, comprising the historic Duke of Wellington Hotel at the corner of Russell ant Flinders Streets, built in 1850 and a nine-storey office building , completed in mid-2009 with 1,900 sqm office space, which is for sale by international expressions of interest closing 27 October 2017 through CBRE Melbourne and CBRE Hotels; and
- 422-428 Queen Street, Melbourne, a two-storey brick building constructed in 1965 and last refurbished in 2006, with a net lettable office space of 225 sqm and ground level retail space of 225 sqm, which is available through Christou and Co.
Leasing opportunities in the area covered by Melbourne Cityscope in September 2017 include:
- 15W at 15 William Street, Melbourne, formerly Monash House, an A-grade 20-level office building consisting of a southern section completed in 1967 and a matching northern extension added in 1973 to 1974. A two-storey retail and car park extension to Flinders Street was completed in 2003 and additional four levels were added in 2006, which has office space from 490 sqm to 12,000 sqm with 2,000 sqm floor plates available through CBRE Melbourne and JLL Melbourne;
- 120 Spencer Street, Melbourne, a 23-storey office building with a two-level basement car park, which has office and retail space from 389 sqm to 10,500 sqm available through CBRE Melbourne and Knight Frank Melbourne; and
- 414 La Trobe Street, Melbourne, the former Customs House, constructed in 1990, an 18-level building with net lettable office area of 14,229 sqm and 1,076 sqm floor plates, which has office space from 550 sqm to 3,823 sqm available through Colliers International.